Small Business Optimism Increases
68% Surveyed Are Having Good Year
A large percentage of small-business owners, particularly Millennials, are reporting a successful first half of the year, with even more of them optimistic about the rest of 2014, according to a new survey conducted by Manta, an online community for small businesses. Manta contacted 1,105 of its members, finding that 68% were having a good year so far, with 83% expecting business prospects to continue to brighten over the next six months.
The survey also revealed modest employment gains, with 30% of small-business owners reporting that they’d made hires this year. That’s up 10% from 2013. Over the next six months, 35% of the small-business owners in the Manta study said they plan to make new hires.
Millennials showed the most success and optimism of any generation surveyed: 76% of Millennials reported a successful first half of 2014, and 90% revealed optimism about business prospects for the rest of the year. Millennials also made more hires this year (44%) than any other generation and expect to make the most hires (52%) in the next six months.
“Though a challenging undertaking, there are invaluable rewards that come with being an entrepreneur. Millennials are demonstrating they’re a new driving force behind the small-business community,” said John Swanciger, CEO of Manta. “It’s no longer assumed that recent graduates will enter the traditional workforce. Companies will have to adjust as Millennials become a bigger force in the small business space.”
Most entrepreneurs surveyed (72%) say owning a company brings more freedom and independence than working for someone else. Technology remains a vital tool for maintaining that independence, with an Internet connection (39%) the most important, followed by mobile phones (32%).